Thaksin Shinawatra Advocates Cryptocurrency Reforms to Modernize Thailand
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Push for Digital Finance Reforms
Thaksin highlighted the importance of a digital-first financial framework, urging the Thai Securities and Exchange Commission (SEC) to support stablecoin trading and other crypto initiatives. "The Thai SEC needs to have a more digital approach, like allowing trade of stablecoins," he said, underscoring the need to align financial institutions with global digital trends. He dismissed concerns over the risks of digital currencies, likening them to "just another currency in the world."
Thailand has already made strides in this area, piloting crypto payments in regions like Phuket. To further stimulate the sector, the government has implemented tax relief measures, including exemptions on capital gains and Value Added Tax (VAT) for cryptocurrency transactions.
Online Gambling as a Revenue Stream
Thaksin also proposed regulating Thailand’s booming online gambling market, which serves up to four million users and generates an estimated 500 billion baht ($14 billion) in transaction volume annually. Suggesting a 20% tax on online gambling, he noted it could bring in over 100 billion baht ($2.8 billion) yearly. He advocated for strict controls to ensure responsible gaming, including user monitoring systems to prevent underage participation.
Vision for Economic Innovation
Since his return to Thailand in 2023 after 15 years of exile, Thaksin has remained a vocal advocate for economic reform. His focus on cryptocurrency and online gambling reflects a commitment to leveraging digital innovation to enhance Thailand’s global competitiveness.